Read Larry Connors' blog – Short Term Trading Strategies
The ratings reflect Heddington's superior capitalization, consistently positive operating results and the role that the company serves as a captive insurance company for Chevron Corporation [NYSE: CVX].
These positive rating factors are partially offset by the company's high net loss exposures as the coverages provided tend to result in claims that are characterized as low frequency but high severity. This is somewhat mitigated by Heddington's good loss history supported by very strong investment income and parental support on loans to affiliated companies. Heddington has sufficient resources to meet its underwriting-related obligations, as measured by Best's Capital Adequacy Ratio model.
The ratings are based on the consolidated results of Heddington and its subsidiary, Heddington Insurance (U.K.) Limited. The ratings further reflect risk management programs and underwriting coordination in the design and implementation of insurance policies offered by the company as well as the cost effective manner in which those services are delivered. Heddington also gains from its parent's global scope, which provides it with a favorable geographic distribution of risks assumed.
In its role as a captive insurer, Heddington provides broad and competitive global insurance products for Chevron and its subsidiaries. In addition to Heddington and Heddington Insurance (U.K.) Ltd., the corporation currently owns three other active captives: Iron Horse Insurance Company, Puritan Assurance Ltd. and Traders Insurance Ltd., which was merged with Bermaco Insurance Company Ltd. in December 2006. The insurance needs of the corporation are supplied through these captive operations where appropriate and the commercial market, with many of the insurance arrangements for the parent rationalized among captives to enhance operating efficiencies. Heddington, along with other Chevron captives, provides comprehensive coverage above Chevron's internal retentions, while its reinsurance is placed through a corporate-wide plan with the world's significant providers of capacity, resulting in a diversified and balanced distribution of reinsurers.
For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
SOURCE: A.M. Best Co.
A.M. Best Co. Analysts: Nick Dranchak, 908-439-2200, ext. 5629 nick.dranchak@ambest.com or Steven Chirico, CPA, 908-439-2200, ext. 5087 steven.chirico@ambest.com or Public Relations: Jim Peavy, 908-439-2200, ext. 5644 james.peavy@ambest.com or Rachelle Morrow, 908-439-2200, ext. 5378 rachelle.morrow@ambest.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
